5 Undervalued Stocks to Buy Today According to Paul Tudor Jones

3. TEGNA Inc. (NYSE:TGNA)

Number of Hedge Fund Holders: 44

P/E Ratio as of May 27: 9.76

TEGNA Inc. (NYSE:TGNA) is one of the undervalued stocks in Paul Tudor Jones’ Q1 portfolio, with his hedge fund increasing its hold on the company by 47%. Tudor Investment Corp owned 674,868 shares of TEGNA Inc. (NYSE:TGNA), worth over $15 million. TEGNA Inc. (NYSE:TGNA) is an American broadcast, television, digital media, and marketing services company. 

Wells Fargo analyst Steven Cahall downgraded TEGNA Inc. (NYSE:TGNA) on May 5 to Equal Weight from Overweight with a price target of $24, up from $23. With a pending deal for TEGNA Inc. (NYSE:TGNA) to be acquired by Standard General at $24 per share, the analyst sees lower upside compared to Broadcast competition. He sees low risk to the deal.

Among the hedge funds tracked by Insider Monkey, TEGNA Inc. (NYSE:TGNA) was found in the public stock portfolios of 44 funds at the end of Q1 2022, compared to 45 funds in the preceding quarter. Matthew Halbower’s Pentwater Capital Management is the largest shareholder of the company, with a position worth $159.3 million.